To Refinance For A Lower Interest rate

Lets say when you initially bought your home, the best rate that could be offered at that time was 7.00%, you have since been watching the interest rates steadily fall from 7.00% to around 6.00%. Well, now is the time to act! A slight drop in interest can equal substantial savings over the life of the loan. Your monthly payments will be lowered with less money going to interest and more going to the principal balance on the loan.